As reported by Reuters, CEO’s who outsourced their company’s jobs got a larger than life pay raise.
In a study by the Institute for Policy, CEO’s who outsourced got a 46 percent increase in pay while their contemporaries only got a 9 percent raise and regular workers saw a 2 percent boost in pay.
"The fact that leading outsourcers make more money than average CEOs is one more reflection of a perverse system that rewards executives for making decisions that may improve their bottom line while hurting workers and communities," the Institute said.
The study also found CEO paycheck overall was 301 times higher than the $26,899 earned by the average production worker. That's up from about 42 times that of the average worker in 1982.
Three examples alone showed United Technologies Corp., where CEO George David's pay rose 629 percent to $70.5 million last year; Citigroup, where outgoing CEO Sanford Weill's pay rose 305 percent to $54.1 million; and software giant Oracle, where CEO Lawrence Ellison's pay rose 103,974 percent to $40.6 million, according to the study.
With no end in sight for the profitability of outsourcing and no legislation to stop outsourcing, Bush’s words of assurances to the American worker are falling on deaf ears. He, nor congress, has any intention of closing the door to outsourcing. Nor does Bush and congress have any intention of closing the tax loopholes and tax havens that big business uses.
Bush has no intention of putting an end to tax cheating which is costing the US $311,000,000,000.00 per year. Add the benefits of tax havens and the total amount of money lost to the US becomes incalculable.
Big business blames the American worker for the outsourcing. Big business claims American workers want too much – simple things like a livable wage, health insurance, etc., are considered to be an wholly unjustifiable burden to American business. A worker’s 2% raise against a 10% increase in the cost of living leaves a worker further behind each year while a CEO’s salary has to stay far ahead of the cost of living increase – to the tune of triple figures.
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